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Knowledge Centre | CIC

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Do Not Miss the Warning Signs of Insolvency!

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Waiting too long to collect

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My colleagues think that my role is the worst possible in the company. This is mostly because my job involves calling customers for money. But I have a secret for you: I like making those calls. Rest assured, I’m not an extortionist who likes to torment poor souls. I just love what I do, especially knowing that I contribute to my organization’s success.

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Legal insights on minimizing exposure to bad debt and maximizing recovery efforts

In this webinar you will learn: What information should you gather from new customers?, The importance of documenting, How can you identify opportunities for recovery?, and What remedies might the law offer?

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How to Better Know Your Customers

As a credit manager, a critical part of your role is to identify who you can trust and to what extent you find their claims realistic. This is translated into knowing your customers well and defining whether they can pay you as agreed. Naturally, you may not have much information for new clients. The amount of credit awarded requires careful consideration when managing new and existing customers. Luckily, there is a method for evaluating how creditworthy they can be.

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Risk, Volatility and Your Business

Archived Webinar

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Detecting financial statement manipulation

Archived Webinar

what you will learn:

  • Understand the importance of financial statements and accounting rules
  • Establish a definition of what may be considered to be financial statement manipulation
  • Learn various ways the accounting rules are (and have been) subject to manipulation in order to adjust the figures presented on a company’s financial statements
  • Introduce some of the tools that can be used to detect potential manipulation of the financial statements

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What does a digital transformation mean for finance teams

Archived Webinar

Finance departments are undergoing a digital transformation; new technologies like robotic process automation (RPA) and artificial intelligence (AI) are becoming increasingly important tools. In order to keep pace with customer expectations, millennials in the workforce, and ambitious growth targets, leaders are embracing these technologies in order to stay competitive and relevant. Digital transformation is no longer a second thought for many companies – it is now at the forefront of their business strategy.

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What’s the Link Between Communication and Credit Management?

Ultimately, having a credit policy only works if people know about it; what it covers and what the rules are. Put another way, why have a policy if staff members don’t know what is, or what it means? After all, it’s not a secret. So, the next step after you get a credit policy in place is to let your organization’s team know about it. This is the role of the credit team. They should meet with owners and/or a senior manager, to get the buy-in and sign-off, if that has not happened already. Once this is done, the next step is to...

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Do You Have a Credit Policy for Your Organization?

If your business lets your customers receive goods or services now in return for a promise to pay later, then your business grants credit. And you are not alone. Most businesses grant a credit to their customers, especially if their customers are other businesses (B2B—business-to-business). In fact, this is the most common type of credit offered in the business world and most of the credit offered in this way is unsecured.

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PetSmart taps advisers to trim $8 billion debt pile: sources

Article

(Reuters) - PetSmart Inc, the largest U.S. pet retailer, has hired restructuring advisers to explore ways to trim its debt pile of more than $8 billion as it continues to face falling profits, according to people familiar with the matter.

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These Best Credit Practices in Brazil Will Keep You from Falling Downhill

Video

I’m often asked by many overseas creditors about where to start when establishing a business relationship with a customer in Brazil. My answer is that it often depends on whether you are going to grant credit, and if so, how much.

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Remington Outdoor Company Plan of Reorganization Confirmed by the Court

Video

MADISON, N.C.--(BUSINESS WIRE)--Remington Outdoor Company (“Remington” or “the Company”), one of the world’s leading designers and manufacturers of firearms, ammunition, and related products, today announced the United States Bankruptcy Court for the District of Delaware confirmed the Company’s Plan of Reorganization (“the Plan”). Remington expects to emerge from bankruptcy before the end of May.

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Dorel take US$12.5 million Q1 impairment charge due to Toy ‘R’ Us liquidation

Video

In addition, the company says its profitability was hurt by a shift from its stores to online purchases in Chile, production challenges at a Chinese factory, high raw material prices, restructuring costs at its sports division and investments in technology in home furnishings.

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Cedar Creek Deal, Other Costs Push BlueLinx Into the Red

Article

Fresh off of its acquisition of Cedar Creek, BlueLinx reported today a first-quarter net loss of $13.4 million, swinging from a $600,000 profit in the year-earlier period. Sales rose 2.1% to $437.5 million. Gross profit totaled $55.3 million, a 1.6% gain, the Atlanta-based distributor said. Gross margin was essentially unchanged at 12.6% of revenues.

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BMC's 3Q Net Doubles; Lumber Price Hikes Help Sales Grow 7.3%

Article

BMC Stock Holdings, corporate parent of the nation's second-biggest full-service lumberyard, reported today its net income doubled to $18.4 million in the third-quarter from a year-earlier $9.2 million on a 7.3% increase in net sales to $881 million.Operating income actually dipped 1.2% to $33.3 million. The big change in net income stemmed largely from the fact that the company incurred a $12.5 million loss last year on extinguishment of debt but didn't report any such action this year.

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Is Client Service at Risk of Being Displaced by Technology?

Article

Nowadays, money transfer services have taken on an entirely new complexion in the financial markets. For starters, traditional banks and the international money transfer services they offer to clients are no longer cost-effective, or efficient. In the United Kingdom, there are several ranking money transfer services used by clients, including World First and Transferwise. Contrary to popular belief, FinTech does not eliminate the face-to-face communication or human-voiced support of traditional international currency transfer services; it enhances the efficiency of the services to ensure a seamless experience for clients.

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Direct payments and construction insolvency

Article

Main contractor Carillion’s entry into liquidation has resulted in many employers seeking to establish relationships with subcontractors, under which they will be paid directly in order to stay on site and finish the relevant project. On the face of it, this seems like an attractive solution, and may leave some employers wondering why they didn’t procure their projects by construction management in the first place. However, establishing direct relations is not without risks, and requires safeguards for employers and subcontractors alike. Those are set out in the last section of this article, but it is important to understand the pitfalls, particularly of direct payment, first.

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Already pinched, many Canadians anxious about higher rates

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Already pinched, many Canadians anxious about higher rates

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How Creditors Can Stay Informed

Knowledge Is Power: As a creditor, you need to learn quickly and easily about public legal notices. NoticeConnect brings that information to your fingertips! They are a web platform for publishing and accessing legal notices and has been operating since 2014. The platform is trusted by lawyers, trustees, banks, and government.

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The warning signs that preceded Carillion's fall

Article

Not since the financial crisis has the collapse of a business had such a political impact, but the warning signs had been flashing at Carillion for all to see, says Jane Fuller.

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The warning signs that preceded Carillion's fall

Article

Not since the financial crisis has the collapse of a business had such a political impact, but the warning signs had been flashing at Carillion for all to see, says Jane Fuller.

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The warning signs that preceded Carillion's fall

Article

Not since the financial crisis has the collapse of a business had such a political impact, but the warning signs had been flashing at Carillion for all to see, says Jane Fuller.

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The warning signs that preceded Carillion's fall

Article

Not since the financial crisis has the collapse of a business had such a political impact, but the warning signs had been flashing at Carillion for all to see, says Jane Fuller.

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The warning signs that preceded Carillion's fall

Link

Not since the financial crisis has the collapse of a business had such a political impact, but the warning signs had been flashing at Carillion for all to see, says Jane Fuller.

https://www.accaglobal.com/sg/en/member/member/accounting-business/2018/03/in-focus/carillons-fall.html

The warning signs that preceded Carillion's fall

Link

Not since the financial crisis has the collapse of a business had such a political impact, but the warning signs had been flashing at Carillion for all to see, says Jane Fuller.

https://www.accaglobal.com/sg/en/member/member/accounting-business/2018/03/in-focus/carillons-fall.html

The warning signs that preceded Carillion's fall

Link

Not since the financial crisis has the collapse of a business had such a political impact, but the warning signs had been flashing at Carillion for all to see, says Jane Fuller.

https://www.accaglobal.com/sg/en/member/member/accounting-business/2018/03/in-focus/carillons-fall.html

The warning signs that preceded Carillion's fall

Not since the financial crisis has the collapse of a business had such a political impact, but the warning signs had been flashing at Carillion for all to see, says Jane Fuller.

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Trade Credit Insurance

Why Do Companies Buy Credit Risk Insurance? In this webinar you will learn how Credit Insurance: Mitigates Risk, Facilitates attractive bank financing, Offers Credit Enhancement, and Increase Sales.

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From Innovating to Driving Impact

Archived Webinar

How Credit Professionals can successfully lead change in their organization. This webinar shows how credit professionals can impact their organization’s performance through the adoption of digital technology tools.

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Five Most Common Business Credit Mistakes

Archived Webinar

How often has your accounts receivable department attempted to collect a payment, only to discover that a client has gone bankrupt, or cannot be compelled to pay an invoice? Each unpaid account is significant revenue lost. But there are ways to minimize this loss.

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An Accounts Receivable Integration Framework

Archived Webinar

This webinar discusses how to build a strategy and action plan for A/R transformation. You will learn how PrimeSource centralized credit & collections for more than 40,000 customers across 35 locations.

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Retail Insolvency in Canada

This presentation will discuss: • What led to the insolvency of Target, Sears and Toys R Us • How online competition impacted the fortunes of these retailers • The “red flags” that credit managers should be aware of

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Contract Law & Collections

Archived Webinar

This live webinar will give credit managers a brief overview of liens and how to achieve successful results. This presentation will cover: • How to be successful in your collection • How to avoid disputes and unnecessary costs • How to recognize the importance of solid contracts and record keeping

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Contract Law & Collections

This live webinar will give credit managers a brief overview of liens and how to achieve successful results. This presentation will cover: • How to be successful in your collection • How to avoid disputes and unnecessary costs • How to recognize the importance of solid contracts and record keeping

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A Digital Approach To Receivables Management

This presentation will discuss: Receivables Management: Pre-delinquency, Collections, Pre-Legal/Recovery and Legal Enforcement; Utilizing highly automated platforms with integrated and configurable work flows; Outcome-based strategies for various types of debt, customers and agencies; Enhanced communications and document management; Receivables Analytics - what information you can get and what you can do with it.

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A Digital Approach To Receivables Management

Archived Webinar

This presentation will discuss: Receivables Management: Pre-delinquency, Collections, Pre-Legal/Recovery and Legal Enforcement; Utilizing highly automated platforms with integrated and configurable work flows; Outcome-based strategies for various types of debt, customers and agencies; Enhanced communications and document management; Receivables Analytics - what information you can get and what you can do with it.

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How a commercial lender will evaluate your creditworthiness for a loan

When you apply for a commercial loan, lenders assess your credit risk based on a number of factors known as the “5 C’s of Credit.” Understanding these factors will help you build your personal and company credit standing while ensuring your ability to obtain credit when your business needs it most.

Here is a breakdown to help you better understand these factors and what all lenders look for:

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It's Time to Talk Money: What Credit Professionals need to know about financial hiring and getting hired today

Archived Webinar

Discussion topics will include: Trends driving financial hiring, In-demand positions and skills for credit professionals, How employers can attract and retain top performers, Tips for navigating today’s job market, What matters to millennials

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Become A Cost Saving Hero For Your Organization

Archived Webinar

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Sue Me

Video Breaks

There are a few reasons a debtor might say they’ll see you in court, and none are in your favour. More importantly, you don’t need to go to the stress, lost time and expense of suing an individual or business over a debt.

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Lien Provisions of the Ontario Construction Lien Act

Archived Webinar

Presenter: Pallett Valo LLP

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International Debt Recovery, Legal Obstacles & Strategies

Archived Webinar

INTERNATIONAL DEBT RECOVERY, LEGAL OBSTACLES & STRATEGIES

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The Automotive Industry

Discussion topics will include: Key financial metrics for auto dealers, Inventory turnover and inventory cost vs. floorplan debt values, Gross profit and Absorption ratios, Debt-to-tangible net worth and debt service coverage, Dealing with the credit arm of banks to finance growth, Covenant requirements and what happens if covenants are in breach, and Common tax-planning items and the misconceptions this can have with credit institutes.

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The Automotive Industry

Archived Webinar

Discussion topics will include: Key financial metrics for auto dealers, Inventory turnover and inventory cost vs. floorplan debt values, Gross profit and Absorption ratios, Debt-to-tangible net worth and debt service coverage, Dealing with the credit arm of banks to finance growth, Covenant requirements and what happens if covenants are in breach, and Common tax-planning items and the misconceptions this can have with credit institutes.

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If A Customer Must Pay Back A Debt Over Time, What Are The 6 Critical Elements In Negotiating Payment Plan?

Please enjoy this complimentary video from our Best Practices Series.

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If A Customer Must Pay Back A Debt Over Time, What Are The 6 Critical Elements In Negotiating Payment Plan?

Tool

Please enjoy this complimentary video from our Best Practices Series

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US Construction Laws (US Bonds and Mechanics Liens)

Archived Webinar

This seminar will be of interest to credit managers, sales managers and anyone else with interests in selling to the US or planning to sell to the US construction industry.

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US Construction Laws (US Bonds and Mechanics Liens)

Archived Webinar

This seminar will be of interest to credit managers, sales managers and anyone else with interests in selling to the US or planning to sell to the US construction industry.

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US Construction Laws (US Bonds and Mechanics Liens)

Archived Webinar

This seminar will be of interest to credit managers, sales managers and anyone else with interests in selling to the US or planning to sell to the US construction industry.

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US Construction Laws (US Bonds and Mechanics Liens)

Archived Webinar

This seminar will be of interest to credit managers, sales managers and anyone else with interests in selling to the US or planning to sell to the US construction industry.

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Excel Essentials for Credit Professionals - Part 2

Archived Webinar

Each topic in our Excel Essentials for Credit Professionals Series is designed to help you solve a range of problems utilizing a class of functions and/or tools that are often overlooked. In this one-hour webinar our returning guest speaker, Nick Kenyeres, will cover Excel’s lookup functions (vlookup & hlookup) and conditional formatting. Stay ahead of the curve by joining us to learn how you can benefit by adding one more Excel essential skill to your personal arsenal.

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Excel Essentials for Credit Professionals - Part 1

Archived Webinar

If you’re looking for ways to increase your productivity and get more things done in a work day, this webinar on Excel ESSENTIALS is for you! During the 1 ½ hour session, attendees will learn about spreadsheet basics through live step-by-step demonstration and using simple exercises that credit professionals can relate to.

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Where Is Your Credit Risk Hiding

Archived Webinar

In this session Tim Vine, AVP, D&B Canada will discuss the role the credit manager can play in EVERY stage of business interaction with customers – from prospecting to monitoring and reacting.

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Navigating The Small Claims Court

Webinar Highlights: 1) Overview of the small claims court - Who, when, and how to make your claims; 2) Methods of enforcing a judgment; 3) Special Topics: Consolidation orders, Bulk Sales Act

 

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Builders lien across Canada

Archived Webinar

Please mark this webinar in your to-do-list for what will surely be a very informative session from a noted authority on construction liens.

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Insights for the Target Debtor Community

Our webinar on the Target Bankruptcy would be of great interest to companies who felt the financial pinch from Targets shutdown in Canada. Webinar participants found it very insightful.

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Betting The Company: BOMBARDIER Goes All-In on C Series Jets and Blows Up Its Balance Sheet

A brief analysis of Bombardier's woes and what we can learn from a company undertaking a massive project, consuming working capital, and ultimately destroying its balance sheet.

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Betting The Company: BOMBARDIER Goes All-In on C Series Jets and Blows Up Its Balance Sheet

A brief analysis of Bombardier's woes and what we can learn from a company undertaking a massive project, consuming working capital, and ultimately destroying its balance sheet.

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How to Position Yourself for Promotion

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How to Position Yourself for Promotion

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Corporate Governance

Archived Webinar

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Introduction to Corporate Governance

Why is governance important from a credit risk perspective? Jeremy Brisset, corporate lawyer at Osler, Hoskin & Harcourt will tell you at our next Live Webinar. This webinar will be of value to members of the credit sector, particularly those in commercial credit industry.

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Introduction to Corporate Governance

Archived Webinar

Why is governance important from a credit risk perspective? Jeremy Brisset, corporate lawyer at Osler, Hoskin & Harcourt will tell you at our next Live Webinar. This webinar will be of value to members of the credit sector, particularly those in commercial credit industry.

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Target Take Two

Archived Webinar

Back by popular demand, Russell Bennett will revisit the bankruptcy of Target and the fall out for its creditors. In May, when we first held this Live-Webinar, it generated a lot of interest from our members – follow up questions continue to come in to the National office.

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Are you smarter than a Certified Credit Professional

Complete the form below to get started.

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Profitable Credit Policies

Archived Webinar

Presenter: Gerald McFaddin, CCP (Emeritus)

 

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Lien Provisions of the Ontario Construction Lien Act

Archived Webinar

Presenter: Pallett Valo LLP

 

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Credit by The Numbers

Archived Webinar

Innovative Approaches to Measuring Credit Department's Effectiveness Presenter: Madeleine Fequière, CCP, Domtar Inc.

 

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Preventative Creditry

Archived Webinar

Formulas for Success in Credit Granting & Collection Presenter: Rodger Noel, ACI, Credifax Atlantic

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Prevention and Detection Of Credit Fraud

Archived Webinar

Presenter: Gerry McFaddin FCI (Emeritus), Director, Commercial Credit Risk, Canadian Wheat Board

 

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Internet for Credit Managers

Archived Webinar

Presenter: Anne Northcott, Portfolio Information Manager, Export Development Canada (EDC)

 

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Legal Remedies For Credit Managers

Archived Webinar

Presenter: Kelly Burnett, Commercial Credit Adjusters

 

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Alternative Dispute Resolution In Credit and Collections

Archived Webinar

Presenter: Stephen Morrison, Partner, Cassels Brock, LLP

 

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Advanced Telephone Collections

Archived Webinar

Presenter: Derek Cherewick, Vice President, Commercial Credit Adjusters Ltd.

 

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International Debt Recovery, Legal Obstacles and Strategies

Archived Webinar

Presented by David Franklin, Ad.E., Monteal, Quebec

 

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Avoiding Bankruptcy Pitfalls

Archived Webinar

In the current economy, with bankruptcy filings rampant, Credit Managers doing business in the US need to become well-versed in US legislation dealing with general bankruptcy rights and obligations.

 

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Lifting or Piercing The Corporate Veil

Archived Webinar

If you always thought that incorporation generally protects shareholders and directors from personal liability when things go wrong, then this webinar is for you. Our webinar leader is Andrew Hladyshevsky, QC, LLB and a partner with the law firm, Fraser Milner Casgrain

 

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Sharpen Your Financial Analysis Skills

Archived Webinar

Presented by George Brown, MBA, CMA, CCP, CIA

 

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My Customer is Restructuring, in Receivership or Bankrupt – What Now?

Archived Webinar

Presented by Jerry Henechowicz, CA-CAIRP, Trustee in Bankruptcy Jerry HenechowiczThis one hour webinar with one of Canada’s leading restructuring and insolvency firms to get updates on the best practices and latest trends in maximizing recoveries when a customer is restructuring, in receivership or bankrupt.

 

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Whitepaper: Essentials for Strategically Managing Credit in Any Economic Environment

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A Best Practice (with new ideas) You Can Apply Now

 

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CREDIT’S UNTOUCHABLE CODE

There is one principle of credit management which is inviolable. In fact it’s as close to being sacrosanct as Canada’s right of sovereignty over the Northwest Passage. To break with this code would be to dismantle the basic principles of credit management and the outcome would be similar to the situation which I am certain that we have all experienced in the past, when the little boy visits the grocery store with his mother and is transfixed by the beautifully structured pyramid of apples.

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Acceleration Clauses in the Event of Default – Are they enforceable?

Article

All leases have an acceleration clause when there is a default, however there is not a consistent approach as to what the damages will be. Some leases require the defaulted lessee to pay the balance of payments due without discount while others utilize a net present value formula applying a discount rate close to, but generally below, the interest rate implied in the lease. A few still use “the rule of 78’s” (but few under 50 know what that means). The recent case, Hav-A-Kar Leasing Ltd. v. Vekselshtein 2012 ONCA 826 (“Hav-A-Kar”) discussed this matter but may have not quite got it right.

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The Quickening of Innovation in Asset Based Financing

Article

Some would call it evolution: others, revolution. Semantic flourishes aside, financial technologies are increasingly in the foreground as drivers of product differentiation and proliferation in the asset-based financing industry.

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Larry’s Recipe for Success – Top 30 Ingredients

Article

Larry Pollock, the past president of the Canadian Western Bank offered these tips for success in his recent address to the delegates at the 2013 national credit conference in Jasper. Larry should know. He is Canada’s longest serving bank CEO, having led the Canadian Western Bank from 1990 to 2013.

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Balance Sheet Fundamentals

Video Breaks

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Builders Liens Across Canada

Article

What is a builders lien?

Learn about the similarities and differences in builders liens acress Canada, including Quebec.

 

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Template: Credit Policy and Processes Manual

Tool

A frame work and draft credit policy that can be used in its entirety or in parts by any company looking to set up a policy procedure manual.

 

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Terms used by CPA's

Article

A CPA will competently assist an organization (whether it is a privately held business, a publicly owned corporation, or a nonprofit organization) with preparing reports on its financial performance. Such reports help owners and managers make operational decisions, enable creditors to evaluate loan applications, and provide individuals with information to make investment decisions.

 

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Leasing and Rentals

Article

Merchantile Credit Managers are well trained to deal with how to manage the credit and collections of the transactions of selling of a product or services from one business to another.  However, the Leasing or Rentaling of a facility or a piece of equipment deserves special  consideration.

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Construction Credit

Article

Construction credit is a unique and specialized form of mercantile credit. Although the field follows many of the same principles, practices and procedures as mercantile credit, there are a number of factors that make the practice unique. In order to be successful, the credit professional must...

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Warning Signs

Article

We've listed some of the warning signs of fraud below. The most important is the country of origin.

  • Orders originating from or containing shipping or billing addresses in some countries, particularly Romania, Macedonia, and Belarus, have an extremely high incidence of fraud.
  • ...

 

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Floor Plans

Article

Go to any large auto dealer and there are hundreds of cars on the lot. You may wonder how much the dealer had to spend to provide you with almost limitless choices. What you don't realize is that, like most new car dealers, a floor plan was used to the cars. Simply, it is a way for...

 

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Hypothec

Article

Hypothec Definition: - Is a charge on property upon which an unpaid creditor may enforce payment of the debt.  It is the right of a creditor to take a...

 

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Letters of Credit

Article

A letter of credit is a document that a financial institution or similar party issues to a seller of goods or services which provides that the issuer will pay the seller for goods or services the seller delivers to a third-party buyer. The seller then seeks reimbursement from...

 

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PPSA

Article

The Personal Property Security Act ("PPSA") is the name given to each of the statutes passed by all common law provinces, as well as the territories, of Canada. They regulate the creation and registration of...

 

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Collection and Dispute Management

Article

The objectives of the Collection team are to:

  • Facilitate a seamless processing of Sales orders within a specific risk guideline defined by the Credit and Collection department
  • Liaise with the Sales department and the credit department to anticipate any future discrepancy between the Sales plan and the maximum risk exposure
  • ...

 

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Credit Risk Management

Article

Credit risk is defined as the likelihood of loss resulting from a customer's failure to pay for the goods delivered. It is the responsibility a Credit Manager to verify that all customer files are complete and contain all the necessary information to protect the accounts receivable.

 

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Credit and Collections Department Should Be Generating Revenue

Article

Next time you are spending quality time with a client, at a board meeting, or getting an update from the CFO you may want to inquire about practices of their company's credit and collections department. The credit and collections department is constantly interacting with the company's customer base. This provides them with opportunities to augment sales, identify customer...

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Credit Scoring

Article

Most credit scoring systems have been developed for use by banks. This has been adjusted to reflect both consumer and mercantile business. Credit scoring is a method of evaluating the credit risk of customers ...

 

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Credit Reporting

Article

Web sites of companies that provide credit reports for Canadian companies.

 

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Risk Assessment

Article

Risk assessment is a step in a risk management procedure. Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat (also called hazard). Quantitative risk assessment requires calculations of two components of risk (R):, the magnitude of the potential loss (L), and the probability (p) that the loss will occur.

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Risk Assessment - Part 1

Article

 

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Collection Agencies

Link

Collection agencies work on behalf of companies to collect the debts owed to the company. They are regulated provincially and operate under strict guidelines in every province. Here is the link to the Federal government site that contains information about collection agency legislation in every province.

http://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/h_ca02149.html

Small Claims Court - Saskatchewan

Link

http://www.sasklawcourts.ca/default.asp?pg=pc_newsmallclaimshome

Small Claims Court - Quebec

Link

http://www.justice.gouv.qc.ca/english/publications/generale/creance-a.htm

Small Claims Court - Ontario

Link

http://www.ontariocourtforms.on.ca/english/scc

Small Claims Court - Nova Scotia

Link

Based on established legal principles and natural justice, the Small Claims Court of Nova Scotia provides a timely, less formal and reasonably cost-effective forum for the resolution of certain types of claim, to a maximum of $25,000 (not including interest and legal costs).

In addition, the Small Claims Court functions as the initial forum for appeals from decisions of Residential Tenancy Officers affecting both tenants and landlords.

Finally, the Small Claims Court functions (without monetary limit) as the initial forum in which disputes between lawyers and their clients regarding fees and other financial issues are heard and resolved.

http://courts.ns.ca/small_claims_court/nsscc_home.htm

Small Claims Court - Newfoundland and Labrador

Link

http://www.court.nl.ca/provincial/courts/smallclaims/index.html

Small Claims Court - New Brunswick

Link

Provincial small claims court website for New Brunswick

http://smallclaimscourtofnewbrunswick.blogspot.ca/

Small Claims Court - Manitoba

Link

Provincial website for Manitoba's small claims court

http://www.gov.mb.ca/justice/court/index.html

Small Claims Court - British Columbia

Link

Provincial government website for BC's small claims court

http://www.ag.gov.bc.ca/courts/small_claims/info/pilot.htm

Small Claims Court - Alberta

Link

Provincial government website for Alberta's small claims court

http://www.albertacourts.ab.ca/provincialcourt/civilsmallclaimscourt/tabid/96/default.aspx

Information on US Small Claims Courts

Link

http://www.nolo.com/legal-encyclopedia/small-claims-suits-how-much-30031.html

Why are monitoring and control procedures critical to reduce bad debts and overdue accounts?

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What is the Companies' Creditor Agreement Act (CCAA)?

CCAA

 

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What are the stages in an effective collection program?

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What are the 4 C's of Credit Granting?

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Character - the desire to pay when debts are due, Capacity - the financial ability to pay debts when due, Capital - the logn-term financial strength to pay, Conditions - factors that affect the debtor, over which they have little or no control

 

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If a customer must pay back a debt over time, what are the 6 critical elements in negotiating payment plan?

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Why you should consider selling to risky accounts

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What are the 6 key steps in firming up a collection call?

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Can creditors recover goods under the 30-day rule in a bankruptcy?

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How can a supplier protect their interest in inventory shipped to a customer from banks and other creditors?

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What are basic concepts of Personal Property Security in Canada?

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Credit and Collections as a Revenue Generator

Article

Next time you are spending quality time with a client, at a board meeting, or getting an update from the CFO you may want to inquire about practices of their company’s credit and collections department. The credit and collections department is constantly interacting with the company's customer base. This provides them with opportunities to augment sales, identify customer needs and problems, and / or be proactive in collecting those slow paying accounts. A properly operated credit and collections department can enhance profits and earnings per share.

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Free Fraud Detection Resources

Article

One of the simplest ways to detect potential fraud is to confirm certain information provided on a credit application using easy, free resources on the Internet. As a commercial collection agency, we regularly get claims where this has not been done and we discover that the information provided was either misleading or outright fraud. In either case, it is...

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PPSA Registrations - Is this the Weakness in Your Armour?

Article

As the saying goes, an ounce of prevention is worth a pound of cure. This expression is particularly apt when it comes to secured creditors and their registrations under the Ontario Personal Property Security Act (the "PPSA"). Although "getting it right the first time" has always been the mantra of secured creditors, the economic roller coaster ride of recent months has heightened the need to ensure a properly perfected secured claim.

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Credit Rules (Axioms)

Article

If short-term credit suppliers are paid by asset conversions, then the primary interest should be centered on the balance sheet and their focus of attention should be liquidity.

 

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Standard Ratios

Tool

Liquity Ratios

  • current Ratio
  • Acid Test

Debit - Equity Ratios

  • Current Debt to Tangible Net Worth
  • Total Debt to Tangible Net Worth
  • Working Capital
  • Net Worth

 

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Financial statement simple analysis

Article

In today's environment the obtaining of Financial Statements from a customer is becoming virtually impossible. A good credit professional needs to sell his customer on the benefits of supplying at least a common size balance sheet and income statement in order to justify a credit limit sufficient to meet both yours and the customer's needs.

 

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Calculation of the Collection Effectiveness Index’s

Article

Days sales outstanding - measures the time it takes a company to collect account receivables from credit sales. It provides a good understanding of the effectiveness of the account receivable collection policies and staff in charge of executing on those policies.

 

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Cross Border and International Collections

Article

You've serviced your client, you've invoiced the job, and you've not been paid. What can you do?

 

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What to do when a customer files for Bankruptcy

Article

Find out exactly what the situation is. Most people when they think of bankruptcy only think of the final stage, where the customer is no longer in business. In reality there are a few different types and various levels of severity.

 

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What is a Proposal?

Article

Under the Bankruptcy and Insolvency Act, a Trustee or an Administrator of Proposals files a Proposal or an arrangement between you and your creditors to have you pay off only a portion of your debts, extend the time you have to pay off the debt, or provide some combination of both.

 

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Credit Policy

Article

Credit policy ideally should be updated quarterly, but at a minimum annually. It needs to be signed off by Senior Managers/Directors to make it enforceable and taken seriously by internal staff.

 

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International Credit

Article

Foreign trade differs from domestic trade with respect to the instruments and documents employed. Most domestic sales involve an open-account credit where the customer is billed and has so many days to pay. In international trade, the seller is seldom able to obtain as accurate or as thorough credit information on the potential buyer as with a domestic sale.

 

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Advanced Telephone Collections

Video

 

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Video page test

Video

clicking on the link for this content should bring me to the /site/video/ID page.

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Understanding Accounts Receivable Metrics: DSO, CPI, CEI

Article

Finance professionals calculate DSO by dividing Total Accounts Receivable (A/R) by Total Credit Sales multiplied by the number of days in the measurement period.

For companies using Collection Productivity Index (CPI), it is the amount of cash collected per collector as a % of the opening A/R for each fiscal quarter. As quarterly sales are not linear month to month, (heavily weighted in a particular month) you will find this to be...

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Limited Liability Company (LLC)

Article

With many companies going the route of forming a Limited Liability Company, (LLC), here are some of the titles associated with such changes:

 

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Differences in Risk based on Type of Business

Article

In Canada there are three general forms of business ownership: a sole proprietorship, a partnership, and a corporation.

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Credit application Terms

Article

Here is a list of items that are commonly included in B2B credit applications.

 

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The 4C's of Credit for Business

Article

Credit people look carefully at trade accounts, especially in tough financial times, before they ship goods. What credit managers look for can be...

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PIPEDA and Collections

Article

Often, collection activity requires interacting with personal information about a consumer, in order to research, contact or collect from that consumer. Whether you are in an internal receivables department, third party collection agency, or you are a legal agent...

 

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The Ultimate Skip List

Article

Valerie McGilvrey is a US Professional Skip Tracer who has agreed to share this list with the members of the Credit Institute of Canada. Much of the information is US related, but can be adapted for Canada.

 

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Collection Agencies

Article

Businesses may engage collection agencies to assist them in the collection of debts from both consumers and businesses. In Canada, agencies must be licensed in a province to operate there. The provincial governments have developed regulations that govern the activities of these agencies.

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Search Sites for Bankruptcies in Canada and the US

Article

In Canada, you can check on the Superintendent of Bankruptcy search site, or in the US, by looking for a filing on PACER, (Public Access Court Electronic Records.) You will have to establish an account on PACER, but the fees are ...

 

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BIA compared to the CCAA

Article

The Companies' Creditors Arrangement Act (CCAA) is a federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. Under the CCAA, corporations ask the Court for protection while they prepare ...

 

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Role of the Office of the Superintendent of Bankruptcy (OSB)

Article

The Office of the Superintendent of Bankruptcy (OSB) is part of Industry Canada. Their role is to ensure public confidence in the market place by protecting the integrity of the bankruptcy and insolvency system.

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Ethics

Article

Webster’s dictionary defines ethics as:  “ A set of moral principles or values”, and ethical as: “ Conforming to professional standards of conduct.”  To help guide ethical behaviour in the credit department, it’s important to start with a written credit policy.

 

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Role of the Credit and Collections Department in Business

Article

Companies expect their credit department to be sales oriented. Put simply, this means the credit department should be looking for reasons to justify establishing open account terms and/or releasing orders pending, rather than looking for excuses to hold orders or to reject applicants for open account terms. Having this simple idea in mind can make

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example

Article

In the world of cross-border litigation, I can tell you that prevention is worth much more than a pound of cure. Battles over where a case is to be litigated are common, and can be so protracted and costly that the parties never reach a determination of the merits of the case. Such battles are common because generally there are tremendous strategic advantages to litigating the case in one’s home jurisdiction, and disadvantages to litigating the case in one's opponent's jurisdiction.

 

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Fraudulent Financial Information

Article

Often, the depth and breadth of a credit analysis is based on the risk associated with a potential or existing customer.  For example, when the risk is considered low, a simple trade reference check might suffice whereas in cases where the stakes are high, many seasoned and trained credit managers will resort to financial statement analysis.  Aside from the challenge of getting your customers to furnish financial statements, determining the reliability of such documents can prove to be quite tricky.

 

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Common Forms of Financial Statement Fraud

Article

In the summer edition of To Your Credit, we published an article on the work of Professor Messod D. Beneish from the Kelley School of Business, Indiana University on the subject of earnings manipulation.  In the sample of 74 companies that Pr. Beneish looked into for his research, he concluded that the typical manipulators “overstated earnings by recording fictitious, unearned, or uncertain revenues, recording fictitious inventory, or improperly capitalizing costs.”

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Cash Flow Myths

Article

It's just too easy to mislead the average investor in Canada. Financial reports can be arcane and confusing even for professionals. Adding to the problem are regulators who don't care to clean up pervasive scams, much less make financial statements more usable for investors.

 

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All About Choice

Article

Experience has told us that when the economy turns bad, it’s time to expect more accounting shenanigans from public companies. This can happen in three ways.

Sometimes, a company has been using aggressive accounting for years, and a dismal economic picture makes it difficult to hide the old chicanery any further. Other times, a firm decides to use accounting tricks to mitigate the impact of poor operating results.

 

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Return on Equity Financial Expression

Article

Efficient use of assets is important for the profitability and growth of any organization. One of the easiest ways to gauge whether a company is an asset creator or cash user is to look at the return on equity (ROE) ratio. ROE is a strong measure of how well management is creating value for shareholders.

 

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International Financial Reporting Standards

Article

Effective January 1, 2011, IFRS will replace current Canadian GAAP accounting standards for Canadian publicly accountable enterprises (PAE) and Government Business Enterprises. As of this date as well, private companies have the option of adopting IFRS or the new Canadian standards developed specifically to meet their users' needs which are referred to as the Accounting Standards for Private Enterprises.

 

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Financial Ratios and Related Tools

Article

A ratio by itself is an incomplete figure that could be misleading if analyzed in isolation. To perform an analysis, inter-related ratios should be examined and calculated over a period of time to see the trends, and then compared to ratios of industry or peers.

 

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Sample Credit Application

Tool

 

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Links to Debt Collection Laws and Statutes

Article

 

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Credit Management Q&A Spring 2007

Article

 

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PPSA & Legislative Q's

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Credit Management Q&A Fall 2007

Article

 

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Is it a recession or not?

Article

Some have even mentioned the 'D' word for Depression which according to Berkeley professor Robert Reich means "a very, very severe recession".

Is it a recession?

A recession is defined as 2 consecutive quarters of negative growth in an economy.  The problem with the definition is it is only possible to...

 

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Info from Visa

Article

What is expected of a credit manager when a customer claims that he was a victim of identity theft, and the debt is not his?

 

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Debt Collection Rules

Article

If you deal with consumers, you should be mindful of the debt collection laws in force in the jurisdictions where your customers are located.  Adapted from the...

 

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Demand Promissory Notes and the (New) Ontario Limitations Act

Article

Hare v. Hare (218 O.A.C. 164), a December 2006 decision of the Ontario Court of Appeal, has important ramifications for the use of demand promissory notes in tax planning. Legal and tax planners should be aware that standard drafting language used in promissory notes may bring about unintended consequences.

 

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Factoring Agreement: Security or Sale of Assets?

Article

Lenders and other members of the factoring community should be aware of the potential impact of a recent ruling on a priority fight over the accounts receivable of a bankrupt company.  One of the issues that the court had to consider was the application of a factoring agreement.

 

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Supreme Court Rules Crown Doesn’t Have Rights To GST And QST

Article

In a unanimous decision on October 30, 2009 relating to the Goods and Services Tax (“GST”) and the Quebec Sales Tax (“QST”), the Supreme Court of Canada rejected the most recent attempt of the Crown to secure its position by recovering the tax portion of accounts receivable outstanding at the time of bankruptcy where the bankrupt had not made the required remittances.

 

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CRA Trust Overrides Contractual Right To Set Off

Article

In a recent decision involving the Canada Revenue Agency (CRA), and the Caisse populaire du bon Conseil (Caisse), the Supreme Court of Canada, (SCC) considered whether a lender’s contractual rights in respect of its customer’s term deposit account could be overridden by a deemed statutory trust in favor of the Crown.

The issue was whether the Caisse, by virtue of its contractual arrangement with its customer, Camvrac Enterprises Inc, held an iron clad security interest over the proceeds of its deposit account that could not be overruled.

 

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The Interprovincial Enforcement of Judgments

Article

A Creditor and a Debtor enter into a financial agreement in Alberta. After several years, the Debtor moves to Manitoba, leaving behind only sparse assets, (not nearly enough to cover the costs owed) in Alberta. Following a slowdown of repayments, the Creditor decides to take legal action against the Debtor in the Alberta Court of the Queen’s Bench.

 

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Suing a Foreigner? Keep Control of the Case with a Forum Selection Clause

Article

In the world of cross-border litigation, I can tell you that prevention is worth much more than a pound of cure. Battles over where a case is to be litigated are common, and can be so protracted and costly that the parties never reach a determination of the merits of the case. Such battles are common because generally there are tremendous strategic advantages to litigating the case in one’s home jurisdiction, and disadvantages to litigating the case in one's opponent's jurisdiction.

 

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Court Declines to Approve Sale of Assets as Part of Proposal Proceedings

Article

In the decision of Justice Cumming In the Matter of the Proposal of Hypnotic Clubs Inc. (“Hypnotic” or the “Debtor”) the court dismissed a motion by the Debtor for a sale of its assets pursuant to s.65.13 of the Bankruptcy and Insolvency Act (“BIA”).

 

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Overview of Proposed PIPEDA Amendments

Article

On May 25, 2010, the Minister of Industry tabled amendments to the federal private sector privacy legislation, the Personal Information Protection and Electronic Documents Act (PIPEDA). PIPEDA was introduced in 2001 and has been applicable to many private sector enterprises since 2004.

 

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Some Recent Canadian Developments in Cross-Border Litigation

Article

Here are some recent developments important to anyone engaged in cross-border civil litigation involving common-law Canada. One, the criteria for determining whether a court has jurisdiction over a non-resident defendant have been revised. Two, the concept of "forum of necessity" is now established in Ontario. Three, Canadian courts will not, as readily as in the past, decline to exercise their jurisdiction in cases where a parallel action (one involving the same parties and issues) has already been commenced elsewhere.

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Identity Theft - Practical tips for credit professionals

Article

Every year, identity theft results in millions of dollars of reported losses for Canadians. This has serious implications for credit professionals when it comes to the collection, protection, usage and disposal of the information they gather on their customers. Whether your company accepts payment by credit card, by wire transfer, via e-commerce or by the ageless paper-based cheque method, you need to ensure that your department plays its part in having the necessary checks and balances in place.

 

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Predictive Indicators - Learn how to read the signs and improve your bottom line

Article

Managing your company’s exposure to risk has become a challenging task. There is more pressure to speed up the credit review process and more responsibility resting on your shoulders to be accountable for your decisions and improve company profitability.

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Collecting from your large customers: Is it 'Collections' or 'Corrections'?

Article

A few years ago I was at a major railroad company for imparting training sessions on the topic of Collection Skills and Receivable Management. On the first day of training a, I realized that the collections staff was made up of people who had a significant number of years of collections experience. The group was an enthusiastic batch; however most of the proven collections techniques were being met with...

 

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Receivable Insurance Tips

Article

It is critical that you understand your obligations under the credit insurance policy you have signed and that you are complying with them.

 

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ELECTRONIC FUNDS Transfers and Fraud

Article

Electronic Funds Transfers (“EFTs”) are widely accepted as a method for organizations to transfer funds on a timely basis to suppliers, employees and other organizations. However, EFTs can pose an internal control weakness for many organizations. Employees can circumvent the built-in internal controls, if any, and defraud the organization of significant amounts of cash at one time or over a period of time. EFTs typically allow employees to withdraw organizational funds by way of an Online Banking Agreement (“OBA”) in which an employee may ...

 

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Deception of the Gift and Prepaid Credit Card

Article

What do you do about those not so great gifts, those gifts you didn’t get and really wanted? If you’re lucky you can return the gifts you don’t want and purchase what you really want! Or you may have received gift cards to buy whatever you want but it may not be from a retailer that you shop at.

Gift cards and pre-paid credit cards (credit cards with amounts already on them) have become more and more the option for giving, it’s simple and easy.  The popularity of gift cards has created a new portal for fraudsters to deceive you and relieve you of your hard earned money.

 

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Black Holes and Old Invoices

Article

My article titled Black holes and Credit Management published in To Your Credit’s fall 2007 edition began with this paragraph:

“Credit management is an integral and highly visible part of the cash-to-cash business cycle, in which cash invested by shareholders is used to produce and deliver goods and services that are sold for even more cash.

 

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Black Holes and Heroes

Article

At times, the only force holding an organization together and preventing it from falling into the abyss comes from unsung heroes within its ranks. Read this article by Ron Lutka, CMA to find out more about the unsung heroes. There might even be parallels here to your organization.

 

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Creditors, Suppliers and Security Breaches

Article

Once upon a time, all the suppliers had to worry about what was the credit of their customers and the legal effectiveness of the security liens that they took on inventories. Now, debtors and creditors alike, for that matter, live under the constant threat of security breaches which can have consequences of a material order of magnitude. As a lawyer advising payments companies, I thought it would be interesting to discuss security breaches ...

 

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Who Is Committing Fraud in Canada?

Article

A 2009 survey conducted by KPMG called: Profile of a Canadian Fraudster, revealed some interesting demographics on who commits fraud in Canada.

The survey polled senior executives such as CFOs and Vice-Presidents from across Canada and covered a wide range of industries, including Financial Services, Energy and Natural Resources, Consumer Markets, and Industrial Markets. One quarter of respondents had revenues of over CAD$1 billion, with another quarter having less than CAD$100 million in revenues.

 

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BANKRUPTCY FRAUD WARNING SIGNS – A CHECKLIST

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BANKRUPTCY FRAUD WARNING SIGNS – A CHECKLIST

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BANKRUPTCY FRAUD WARNING SIGNS – A CHECKLIST

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BANKRUPTCY FRAUD WARNING SIGNS - A CHECKLIST

Article

Use the following list to identify signs of bankruptcy fraud.

  • Failure to keep commonly used business records; incomplete or missing business records
  • Unusual depletion of assets shortly before bankruptcy filing
  • Assets are concealed
  • ...

 

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CCAA proceedings now at your fingertips

Article

Trustees, creditors, academics, policy makers and government officials have a new source of insolvency information available to them thanks to recent changes to the Companies’ Creditors Arrangement Act (CCAA). One result of the changes, which came into effect September 18, 2009, is that the Office of the Superintendent of Bankruptcy (OSB) became responsible for maintaining both a Registry of Public Records and a Repository of CCAA Files.

Registry of Public Records
Once a court grants protection to a debtor company under the CCAA, the monitor (trustee) must send basic information to the OSB within one business day. This information includes the court’s file number and coordinates—including the website address of both the debtor and the monitor.

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Managing Risk in Uncertain Times

Article

The Role of the Credit Professional in the Commercial Leasing Industry by Lisa Moore CCP

December 15, 2009: civil servants in Ireland rally in reaction to the Irish government's vote in favour of a reduction in public sector compensation by 5-15%. The Republic of Ireland is claimed to be facing the deepest financial crisis of any advanced nation and it isn't over yet.

May 5, 2010: striking protestors in Greece, the undisputed pillar of ancient democratic civilization, jam the streets setting the finance ministry ablaze, killing three.

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Building Permits

Link

http://www.statcan.gc.ca/daily-quotidien/080407/dq080407a-eng.htm

Housing Prices II

Link

http://www.crea.ca/public/news_stats/statistics.htm

Housing Prices

Link

http://www.chpc.biz

Housing Stats

Link

http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/manuf05-eng.htm

Electricity Rates

Link

http://www.neb.gc.ca/clf-nsi/rnrgynfmtn/prcng/lctrct/cndnmrkt-eng.html

Canadian Natural Gas Prices

Link

http://www.energyshop.com/es/homes/gas/gaspriceforecast.cfm

World Crude Oil Prices

Link

http://tonto.eia.doe.gov/dnav/pet/pet_pri_wco_k_w.htm

Crude Oil Prices

Link

http://www.oil-price.net

Exchange Rates

Link

http://www.x-rates.com

IMF Data Mapper v2.0

Link

http://www.imf.org/external/datamapper/index.php

Inflation Calculator

Link

http://www.bankofcanada.ca/en/rates/inflation_calc.html

Bank of Canada Interest Rates

Link

http://www.bankofcanada.ca/en/rates/index.html#interest

Canadian Inflation Rate

Link

http://www.statcan.gc.ca/subjects-sujets/cpi-ipc/cpi-ipc-eng.htm

Canadian Unemployment Statistics

Link

http://www.statcan.gc.ca/subjects-sujets/labour-travail/lfs-epa/lfs-epa-eng.htm

American National Debt vs. Canadian National Debt

Link

http://www.nowpublic.com/american_national_debt_vs_canadian_national_debt

Export Development Canada - Weekly Commentary

Link

http://www.edc.ca/english/publications_2198.htm?cid=red1336

What are the 4 C's of Credit Granting?

Video

Play

Canadian National Debt

Link

http://blogs.usask.ca/the_bolt/archive/2008/01/canadas_national_debt_gdp.html

Purchasers Alliance Index

Link

http://www.bloomberg.com/apps/news?pid=20601103&sid=anHbfAmiOlio&refer=news

Unclaimed Funds Database

Link

http://www.ic.gc.ca/cgi-bin/sc_mrksv/bnkrptcy/ud/ud_srch.pl?lang=eng

Government Services

Link

This is the official Industry Canada website. It provides information and links to a wide range of government services that support Canadian businesses.

http://www.strategis.gc.ca

Bankruptcy Canada

Link

The governements website for publishing bankruptcy stats for the general public.

http://www.bankruptcycanada.com